US IPO Week Ahead: Weber hopes for a well-done debut in an 11 IPO week

Updated Monday, 8/2.

Following another record week for activity, the IPO market is cooling down heading in to August with 11 IPOs scheduled for the week ahead.  

Outdoor grilling brand Weber (WEBR) plans to raise $750 million at a $4.7 billion market cap. The company manufactures and sells charcoal grills, gas grills, smokers, pellet & electric grills, and connected grills across 78 countries. Growing and profitable, Weber holds a 20%+ share of the US and global outdoor cooking markets.  

Biopharmaceutical royalty firm Healthcare Royalty (HCRX) plans to raise $750 million at a $3.4 billion market cap. The company buys royalty interests in marketed and late-stage biopharmaceutical companies. Healthcare Royalty is highly profitable, and free cash flow turned positive in the 1Q21, though its top 10 products accounted for 86% of royalty receipts in the 1Q.  

Clinical trial solutions provider WCG Clinical (WCGC) plans to raise $720 million at a $6.1 billion market cap. The company performs ethical reviews and other clinical trial services to biopharmas and contract research organizations. Profitable on an EBITDA basis with positive free cash flow, WCG Clinical supported approximately 90% of all global clinical trials in the two years ended 12/31/20.  

COVID-19 antibody biotech Adagio Therapeutics (ADGI) plans to raise $301 million at a $2.0 billion market cap. The company's lead program, ADG20, has completed enrollment in a Phase 1 trial for the treatment of SARS-CoV-2 and its variants. Its portfolio of antibodies was discovered by Adimab.

Nutraceutical maker The Better Being Co. (BBCO) plans to raise $200 million at an $843 million market cap. The Better Being Co. develops, manufactures, and sells vitamins, supplements, minerals, and other personal care products under brands such as Solaray, KAL, and Zhou. The company has demonstrated growth, but gross margin contracted in the 1H FY21.  

Hair removal chain European Wax Center (EWCZ) plans to raise $175 million at a $1.1 billion market cap. The company franchises a chain of over 800 wax-based hair removal salons across the US. European Wax Center was hard hit by pandemic restrictions, and it will be highly leveraged post-IPO at 8.4x net debt/LTM EBITDA.  

Safety equipment provider Cadre Holdings (CDRE) plans to raise $125 million at a $606 million market cap. The company manufactures and distributes safety and survivability equipment users in hazardous or life-threatening situations. Cadre is profitable, and revenue growth is expected to rebound in the 2Q21. Existing shareholders will receive a cash distribution of $55 million following the closing of the offering.  

Amazon logistics center REIT ROX Financial (ROXA) plans to raise $83 million at a $90 million market cap. ROX intends to use substantially all of the IPO proceeds to purchase an Oakley, CA-based last-mile Amazon delivery station from NorthPoint Development. The REIT intends to continue to build a curated portfolio of logistics properties leased to Amazon. It plans to offer a 3% yield.  

Nervous system biotech Eliem Therapeutics (ELYM) plans to raise $81 million at a $464 million market cap. Its lead candidates are ETX-810, which is initially being developed for diabetic peripheral neuropathic pain and pain associated with lumbosacral radiculopathy (sciatica), and ETX-155, which is initially being developed for major depressive disorder, perimenopausal depression, and focal onset seizures. ETX-810 is currently in two Phase 2a trials, and the company plans to initiate two Phase 2a trials for ETX-155.

Orange County Bancorp (OBT) plans to raise $30 million at a $184 million market cap. This New York bank has 14 full-service branches and one loan production office across the Lower Hudson Valley. As of March 31, 2021, the company had $1.9 billion in assets, $1.2 billion in loans, $1.7 billion in deposits, and $135 million in stockholders' equity.  

Female cancer biotech Context Therapeutics (CNTX) plans to raise $20 million at a $93 million market cap. Context is developing treatments for female cancers, such as breast, ovarian, and endometrial cancer. The company’s lead candidate is currently in Phase 2 trials for ovarian and endometrial cancer, with preliminary results expected in the 2H21 and the 1H22.

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IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 7/29/2021, the Renaissance IPO Index was down 2.1% year-to-date, while the S&P 500 was up 17.7%. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Snowflake (SNOW) and Palantir Technologies (PLTR). The Renaissance International IPO Index was down 7.8% year-to-date, while the ACWX was up 8.6%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include EQT Partners and Smoore International.